Wall Street Rises as Bond Selloff Eases and Oil Retreats
publishers 10articles 19first reported 23 Sep, 23:47 UTCdeveloping since 23 Sep · 9 editions
U.S. stocks finished higher Friday as a global bond selloff lost momentum and oil prices retreated, helping Wall Street close the week with gains. The Dow snapped a three-day losing streak, while Reuters reported that purchases of artificial-intelligence-related shares and a rally in Microsoft supported the advance.
Treasury yields nevertheless edged higher at the end of a volatile week. The benchmark 10-year yield rose more than 1 basis point to 5.175% after reaching its highest level since June 2007 on Thursday, according to CNBC. The 30-year yield was just under 1 basis point higher at 5.47%, while the two-year yield slipped slightly to 4.891%.
Treasury yields had faced selling pressure after stronger-than-expected U.S. economic data and hawkish comments from Federal Reserve Governor Michael Barr, who said further policy adjustments could be expected to bring inflation back to target. A purchasing managers’ index also reached its highest level in more than four years. Traders assigned a 66% probability to an October rate increase, according to the CME FedWatch tool cited by CNBC.
The selloff extended beyond the United States during the week, lifting yields on Japanese government bonds, British gilts, German bunds and other eurozone debt. Eurozone and Japanese yields eased Friday as the broader rout slowed.
HOW THIS STORY WAS MADE
Written from 8 articles, 1 with the publisher's own text; 6 independent newsrooms once syndicated copies count as one; this version written 24 h after the record first saw the story; the editor revised it.
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- This version written
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